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U.S. construction spending drops in April 2020

By |  June 2, 2020
U.S. construction spending declined 2.9 percent in April, according to the Department of Commerce.

U.S. construction spending declined 2.9 percent in April, according to the Department of Commerce. Chart: Commerce Department

U.S. construction spending declined 2.9 percent in April to an adjusted annual rate of $1.346 trillion, according to a report from the Department of Commerce.

However, the April figure is 3 percent above the April 2019 estimate of $1.307 trillion, marking a slight improvement from the same time period last year.

By segment, residential construction spending was at a seasonally adjusted annual rate of $536.8 billion in April, a 4.5 percent dip from the revised March estimate of $561.9 billion. Meanwhile, nonresidential construction spending was at $467.3 billion in April, a 1.3 percent drop from March’s revised estimate of $473.6 billion.

In addition, highway construction spending dropped 5.2 percent to $106.1 billion from March’s estimate of $111.9 billion.

For the first four months of the year overall, construction spending totaled $412.5 billion, a 7.1 percent improvement compared to $385.2 billion during the first four months of 2019.

Zach Mentz

About the Author:

Zach Mentz is editor in chief of Portable Plants magazine and managing editor for Pit & Quarry magazine. Zach is a graduate of the Tim Russert Department of Communications at John Carroll University. His previous experience also includes time spent in the Cleveland Indians communications department.

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